BoG Gov. Stournaras: Regulatory authorities, markets positive over plan to reduce banks’ ‘bad debt’

10 January 2019
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Influential Bank of Greece (BoG) Gov. Yannis Stournaras on Wednesday cited what he called “very positive” reactions over his central bank’s plan to tackle an Olympus-sized “mountain” of “bad debt” plaguing Greek systemic banks’ balance sheets.

He said the positive feedback over the draft plan is shared by both European regulatory authorities and the markets.

Speaking to the BoG staff members and employees during an annual New Year’s event, Stournaras – a very high-profile finance minister in coalition governments prior to 2015 – noted that the end of the third bailout last August is a significant milestone, with very positive effects on the economic climate and prospects for the Greek economy.

At the same time, he again repeated that agreed-to and pre-legislated reforms must be fully implemented.

Stournaras, often viewed as a formidable “thorn in the side” of the current leftist-rightist coalition government, emphasized however, that the surest indication that the economy has overcome the nearly nine-year crisis is the Greek state’s permanent return to sovereign borrowing markets under viable terms.

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